US Treasury Secretary: No Plans for Federal Reserve Bitcoin Purchases
U.S. Treasury Secretary Scott Bessent has clarified that the federal government will not acquire additional Bitcoin to bolster its reserves. This announcement concludes speculation fueled by previous White House statements.
The existing U.S. strategic Bitcoin reserve, established via a March executive order, consists of seized cryptocurrencies. Bessent confirmed the reserve will grow through confiscations, stating, "We are going to use confiscated assets and continue to build that up." He added, "We’re going to stop selling that." The current holdings are estimated between $15 billion and $20 billion.
This position contrasts with earlier White House discussions about potential government Bitcoin acquisitions, which had excited many in the crypto community.